Property Tax Appeal Board Decision 2003-25187-R-1 Yannell

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Based on the facts and exhibits presented, the Property Tax
Appeal Board hereby finds a reduction in the assessment of the
property as established by the Cook County Board of Review is
warranted. The correct assessed valuation of the property is:
LAND: $ 10,863
IMPR.: $ 92,463
TOTAL: $103,326
Subject only to the State multiplier as applicable.
PTAB/0417JBV
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PROPERTY TAX APPEAL BOARD'S DECISION
APPELLANT: Michael Yannell
DOCKET NO.: 03-25187.001-R-1
PARCEL NO.: 14-29-219-006
The parties of record before the Property Tax Appeal Board
(hereinafter PTAB) are Michael Yannell, the appellant, by
attorney David C. Dunkin with the law firm of Arnstein & Lehr in
Chicago and the Cook County Board of Review.
The subject property consists of a 2,760 square foot parcel of
land containing a seven-year old, two-story, masonry, single-family
dwelling. The improvement contains three and one-half
baths, two fireplaces and a full, finished basement. The
appellant, via counsel, argued that the fair market value of the
subject is not accurately reflected in its assessed value as the
basis for this appeal.
In support of the market value argument, the appellant submitted
an appraisal of the subject property with an effective date of
January 12, 2004. The appraiser used two of the three
traditional approaches to value to arrive at market value of
$1,020,000.
In the cost approach to value, the appraiser valued the land at
$600,000. The appraiser estimated a reproduction cost new for
the improvement of $472,845. He then utilized the economic age-life
method and the market to determine a depreciation of $23,642
for the building, while he listed the depreciated value for the